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Online · checked 9 November 2026

Monzo

2.80%Instant Access Savings — 2.80% AER on the free account; up to 3.80% on paid plans from £3 a month. More than two withdrawals a year lowers the rate until the pot’s anniversary. Rate rose from 2.75% on 5 November 2026.

Facts, not recommendations. We aren’t paid by any bank and we don’t rank by who pays us. Rates and offers change often — checked 9 November 2026. Always read the provider’s terms before you open or switch an account.

£28a year on £1,000 at 2.80% AER — £46 at the 4.56% top rate.
£140a year on £5,000 at 2.80% AER — £228 at the 4.56% top rate.
£280a year on £10,000 at 2.80% AER — £456 at the 4.56% top rate.

TL;DR£10,000 here earns £280 in a year. That’s £176 less than the top easy-access rate we found.

Switching bonus

Monzo isn’t in Which?’s November 2026 list of switching offers.

TL;DRNo cash for switching here — it competes on rates and features instead.

TypeOnline
Part ofMonzo Bank
Current account feeFree; paid plans from £3/month
FSCS protectionUp to £120,000 per person, per banking licence

Quick answers

What savings rate does Monzo pay?

Monzo’s Instant Access Savings: 2.80% AER on the free account; up to 3.80% on paid plans from £3 a month. More than two withdrawals a year lowers the rate until the pot’s anniversary. Rate rose from 2.75% on 5 November 2026.

Is my money safe with Monzo?

UK deposits at a bank or building society with a UK licence are protected by the FSCS up to £120,000 per person, per licence. Monzo is part of Monzo Bank.

Does Monzo pay you to switch?

Not in Which?’s November 2026 list of switching offers.

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Receipts · checked 9 November 2026